TechFlow news — Federal Reserve Chair Powell stated that the Fed supports responsible innovation in the fintech sector. Existing regulations do not account for digital currencies. New rules, laws, and frameworks are needed to address digital currencies. We don't yet know how some digital products would perform under market stress. No decision has been made yet on a central bank digital currency (CBDC). A CBDC must enable verifiable identity and ensure privacy. We are actively studying the benefits and costs of a CBDC. A CBDC must serve as a widely accessible payment method.
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